Pepper Money has lowered rates by 0.2% across its two- and three-year fixed rates, with cuts of up to 0.1% made to five-year deals.
Pepper Money said the changes to its two-, three- and five-year fixed rates will support a range of customers, including those who are self-employed, those with recent adverse credit, and first-time buyers.
Paul Adams, sales director at Pepper Money, said: “We’re really pleased to make further rate reductions across our specialist mortgages range. Following the recent election results and favourable movements in swaps, we’re reducing our rates again to pass this on to customers as quickly as possible.
“With rate reductions come more optimism and an increase in market activity for our broker partners and us. But, as demand grows, our broker partners can be assured that transparency and efficiency remain a priority as the market gets busier.”
He continued: “Pepper Money was recently named the top specialist lender and the highest ranked lender overall in the latest Mortgage Lender Benchmark survey by Smart Money People, and we’ll continue supporting our new, lower rates with an ongoing commitment to award-winning service delivery.”
Adams said that as part of this commitment, underwriters would call a broker after they submitted an application, and declines would be reviewed by a senior underwriter as part of its “human approach” and to give “every application a potential second chance”.
Earlier this month, Pepper Money lowered five-year fixed rates and brought back its mid-fee products.
Atom lowers near prime and prime fixed rates
Atom Bank is reducing rates in its near prime and prime ranges by up to 0.2% and 0.15% respectively.
For near prime, two-year fixed rates are being cut by 0.2%, while three- and five-year fixed rates are being lowered by 0.1% and 0.15% respectively.
Two-year fixed rates will be priced from 6.04%, three-year fixed rates from 5.89% and five-year fixed rates from 5.49%.
On the prime side, cuts of 0.15% have been made to two-year fixed rates, while three- and five-year fixed rates are falling by 0.1%.
Two-year fixed rates start at 5.39%, three-year fixed rates start at 5.19% and five-year fixed rates start at 4.94%.
Richard Harrison, head of mortgages at Atom Bank, said: “We are pleased to announce rate reductions across both our core product ranges to help more borrowers achieve their homeownership aspirations.
“We know that those borrowers with less-than-perfect credit can often find it difficult to secure a mortgage. We believe that our increased use of technology to speed up decision-making on near prime cases, alongside our competitive pricing and flexible criteria, can provide these borrowers with a fantastic route to getting on the ladder.”
He added: “Atom is always pushing to make borrowing faster, easier and better value for money. We have made huge strides as a lender in recent years, progress [that] has been recognised by Smart Money People’s last two Lender Benchmark Studies, where brokers who’ve worked with Atom rated us the best bank out there.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
